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WOHOO! Seems like Sounds may make it Yet!

linclink

By linclink
in Nashville

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sleepy Burg

sleepy

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http://www.nashvillecitypaper.com/index.cf...s&news_id=42340

Incentives a smart move

While it's always worthwhile to have hard information about a new program before you pursue it, it shouldn't take much study to figure out if you pay people more money for harder jobs, you'll have a better chance of attracting good people to do those jobs.

<{POST_SNAPBACK}>

That's good news for the Sounds and the stadium and project will be a boon for downtown Nashville.

Not sure why the teacher thing was posted, but I taught for years in the public schools in New Orleans, and every single student I taught was high risk.

I don't believe the economic model works. New teachers know exactly how much they'll make when they start their education, yet 1/3 quit after 3 years. And I never knew a single one who quit because of money. They quit because of working conditions--too many students and too little time. It's unrealistic to even pretend that you're teaching writing effectively when you've got 6 classes of 33 students each.

But no one ever asks the teachers what they think they need. Models are just imposed from the top down.

I now teach college writing. Classes are limited to 25 students, and my load is limited to 4 classes. Most colleges would lose their accreditation if they attempted to pull what public schools do.

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linclink Whistle-Stop

linclink

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Hey,

I'm hoping someone here can clarify this for me.... I've read in other forums where people are complaining that the city will make 0 money in taxes and otherwise, from the development and the Sounds Stadium. Is this true? I can understand that no money will be made off of the land, since it is being given to the stadium... and I am assuming that the stadium will not be paying taxes to the city. I am also assuming that if the 600 units get built with the development, that the 125 affordable units will come out of the city's pockets... however, won't these people (on all 600 units) pay property taxes? Why do people keep saying that those who buy homes there will do so out of tax payers pockets??? Can someone please explain? Thanks!!

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Guest

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'link'

I may have this wrong but the tax credit agreement allows the developer to apply annual tax payments to debt service for a specific time interval. This would apply to retail and residential in a leasing deal. Affordable housing units do not cost the city any funds. The units are a requirement to obtain planning permits and the associated costs are factored into the total development cost.

You are right that if 600 residential units are developed and sold then property taxes would be due from the new residents without any concessions or delay. Most of the time when people talk about reduced tax revenues they are referring to potential not current amounts. In their mind development would occur even without tax breaks.

I hope that was on point.

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sleepy Burg

sleepy

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'link'

I may have this wrong but the tax credit agreement allows the developer to apply annual tax payments to debt service for a specific time interval. This would apply to retail and residential in a leasing deal. Affordable housing units do not cost the city any funds. The units are a requirement to obtain planning permits and the associated costs are factored into the total development cost. 

You are right that if 600 residential units are developed and sold then property taxes would be due from the new residents without any concessions or delay. Most of the time when people talk about reduced tax revenues they are referring to potential not current amounts. In their mind development would occur even without tax breaks.

I hope that was on point.

<{POST_SNAPBACK}>

I think what generally happens too is that the tax break is for a limited time and, as you say, the units must be rental units during that period.

After that, when the tax breaks expire, the units normally go on the market as condos. At least that's the way it's worked in Memphis and I believe there is some statewide legislation which regulates that.

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linclink Whistle-Stop

linclink

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Hey nashville_bound,

Thanks so much for the reply!!! It makes things alot clearer!!!

Sleepy, now you've gone and confused me!!! hhehehehe... Are you saying that the 600 units will have to be rentals for an X amount of years, before they can be sold?

Thanks,

Paula

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sleepy Burg

sleepy

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Sleepy, now you've gone and confused me!!! hhehehehe... Are you saying that the 600 units will have to be rentals for an X amount of years, before they can be sold? 

Thanks,

Paula

<{POST_SNAPBACK}>

Yep, that's what I understand. Nashvillebound said the same thing:

"I may have this wrong but the tax credit agreement allows the developer to apply annual tax payments to debt service for a specific time interval. This would apply to retail and residential in a leasing deal."

In other words, the tax benefits accrue to the developer which theoretically allows the developer the incentives to build the project. If the property is sold, the developer loses those tax benefits because he/she would no longer need them. The purchaser then pays the regular property tax rate.

In any case, those tax incentives are only good for a limited period of time and then expire regardless of whether the property is sold or not. In downtown Memphis in the past two years, there have been at least 3 conversions of high rise apartments into condos or hotels simply because the tax benefits ran out.

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southsideJ Whistle-Stop

southsideJ

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Forgive me if you are not too familiar w/ the Simpsons, but there is one episode where Homer bar-b-cues a pig and as the pig is just cooking to full flavor, something happens that cause the pig to "take off," it flies through the air, floats down the river, gets dragged through the mud . . . all along Homer desperately chases the pig saying, "Its still good! Its still good!" no matter what happens. Sometimes thats how I feel about the Sounds Stadium. Anyway despite today's article . . . Its still good! Its still good!

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